Nexity still suffering from the crisis and will sell a subsidiary

The developer entered into exclusive negotiations with Crédit Agricole Immobilier to sell Nexity Property Management, a subsidiary specializing in corporate real estate management.

“This signature represents a new important step in the group’s transformation towards a model of urban operator serving the territories, centered on urban regeneration and managed real estate, while accelerating its debt reduction,” the general manager declared in a press release. Nexity delegate, Jean-Claude Bassien.

Since the start of the year, Nexity has been looking for savings, with an upcoming social plan which should result in the elimination of 502 positions and the sale of its subsidiary Nexity Services (now Evoriel) to the capital fund. Bridgepoint investment.

This sale allowed it to reduce its debt from 776 to 579 million euros.

The group is committed to reaching, by the end of 2025, a net debt of less than 500 million euros.

In its core business, real estate development, it recorded 5.060 reservations in the first half, a number down 17% compared to the first half of 2023.

Like other developers, he is suffering from the violent crisis in new real estate, with building permits and construction starts at levels which have not been so low for 30 years.

It nevertheless shows a net profit of 45 million euros, due to a tax credit.

To move forward in 2025, Nexity is counting heavily on “urban regeneration”, that is to say building on what already exists, for which it has signed a major contract with Carrefour.

It is pleased with the performance of its subsidiary dedicated to urban regeneration, Nexity Héritage.

“It clearly shows that we have traction on the subject, a dynamic,” declared Jean-Claude Bassien during a videoconference.

However, the promoter believes that it will have reached a “low point” in 2023.

Its reservations fell due to “block sales” to investors, who had benefited in 2023 from a buyback program from the Caisse des Dépôts and Action Logement.

But its sales to individuals are stable, leading Nexity to say that the drop in reservations is probably coming to an end.